Signs of Better Times: More Homes Are Being Sold in Polk County and Nationally

Monday

Nov 19, 2012 at 10:02 PM

A total of 475 existing homes were sold in Polk County last month, rising from 345 the year prior and 391 homes sold in September, according to My Florida Regional Multiple Listing Service.

By KYLE KENNEDYTHE LEDGER

LAKELAND | October was a strong month for local home sales.

A total of 475 existing homes were sold in Polk County last month, rising from 345 the year prior and 391 homes sold in September, according to My Florida Regional Multiple Listing Service. October tied March for having the largest monthly sales total of 2012 thus far.

Polk's median sale price of $106,000 in October was up 3.9 percent from a year ago.

The supply of unsold homes remains tight in Polk, leading to competition among buyers and investors, said Gate Arty, a Lakeland real estate agent.

"Tightened inventory, that more than anything is driving the market," said Arty, of Keller Williams Realty. "We're seeing multiple-offer contracts, properties selling for above list price."

Polk had approximately five months worth of unsold housing inventory at October's sales pace.

Six months of inventory is expected in normal market conditions.

Lakeland had 265 homes sold last month, up 31.2 percent from October 2011. East Polk recorded 187 homes sold, for a 42.7 percent annual increase.

In Lake Wales, 17 homes were sold during October, compared with 11 a year ago. Bartow recorded six home sales, up from 1 last year.

The figures reflect transactions made by Realtor associations based in Polk County.

Across Florida, sales of existing single-family homes increased 25.3 percent in October from the year before, according to the Florida Realtors association. The state's median price of $145,000 climbed 9 percent from last year.

U.S. home sales posted a 10.9 percent annual increase in October, according to the National Association of Realtors.

The national median price, $178,600, improved 11.1 percent from the year before.

"Growing demand with limited inventory is pressuring home prices in much of the country," said Lawrence Yun, NAR economist.

The nation's unsold housing inventory was down to a 5.4-month supply in October, the lowest figure since February 2006, when it was at 5.2 months, according to NAR.

[ Kyle Kennedy can be reached at kyle.kennedy@theledger.com or 863-802-7584. ]